The governors of central banks and monetary authorities of the Organization of Islamic Cooperation (OIC) member countries met in Kuala Lumpur this month to discuss “Central Banking and Financial Sector Development.”

Central to the discussion was the potential role of Shariah-compliant finance in contributing to economic growth and financial stability. Many myths have been propagated about the Shariah financial system being in a better position to cope with the vagaries and excesses of the global financial crisis, because of the proscription of Islam on interest-based speculation.

The OIC has long been a tool used by the Saudis, as well as other Salafist powers, to promote Islam and Shariah around the world by using clout created by petrodollars.